Wall Street

George Soros Has 1 Billion More Reasons to Hate Donald Trump

Left, by Mark Wilson, right, by Taylor Hill/FilmMagic, both from Getty Images.

George Soros, the legendary hedge-fund manager with a net worth of approximately $24.9 billion, amassed his wealth the old-fashioned way: by making prudent investments based on careful and unemotional analysis, like when he famously made $1 billion betting against the pound sterling in 1992. As an 86-year-old survivor of the Holocaust, there’s little he hasn’t seen and, as such, little that should surprise him. But there’s one thing he didn’t see coming: that the American people would elect an impetuous poster child for bad toupees to be their next president, and that the markets would like it.And oh did it cost him. Per The Wall Street Journal:

Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election.

Mr. Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter. The stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.